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Stocks Remain Modestly Mixed

Strength in Internet stocks and bargain hunting in computer stocks is taking tech proxies higher.

While the broader market kept up the cautious tone it opened on, at midmorning strength in Internet stocks and bargain hunting in computer stocks was taking tech proxies higher.

"You have pockets of strength," said Jim Volk, co-director of institutional trading at

D.A. Davidson

, who noted the continued strength in

IBM

(IBM) - Get International Business Machines (IBM) Report

, as well as the perceptions that

Compaq

(CPQ)

is turning around.

But with the bond market jittery about the influx of new supply at this week's quarterly refunding, and the stock market worried about the bond market, the market in general was feeling cautious.

"I think the market continues to be nervous about the bond market more than anything else," said Volk. "That's pretty much what got things rolling on the downside again this morning."

The

Dow Jones Industrial Average

was lately off 25 to 11,006, while the broader

S&P 500

was off 5 to 1340. The tech-stuffed

Nasdaq Composite

was up 8 to 2512, and

TheStreet.com Internet Sector

index was up 5, or 1%, to 619. The small-cap

Russell 2000

was up 2 to 438.

The 30-year Treasury was up down 1/32 to 91 31/32, putting the yield at 5.82%.

9:54 a.m.: Stocks Mixed in Early Trading

Stocks were mixed in early trading, with tech shares trending higher and blue-chips modestly under break-even.

The tech-loaded

Nasdaq Composite Index

was the upside leader among top indices, lately up 12 to 2515.

Yahoo!

(YHOO)

TheStreet Recommends

and

Amazon.com

(AMZN) - Get Amazon.com, Inc. Report

were helping the Comp amid a run-up in Internet stocks --

TheStreet.com Internet Sector

index was up 5 to 619.

The

Dow Jones Industrial Average

was down 30 to 11,002 and the

S&P 500

was down 5 to 1340. The small-cap

Russell 2000

was faring better, up 1 to 437.

The bellwether 30-year Treasury bond was off 1/342 to 92 1/32, its yield edging up to 5.822%.

Most Up at Open -- NYSE

America Online (AOL) , up 3 9/16 to 121 3/4

.

Most Up at Open -- Nasdaq

Lycos (LCOS) , up 10 1/8 to 99 5/8

: The stock was up on reports that

USA Networks

(USAI) - Get American Energy Independence ETF Report

plans to abandon its bid for Lycos, which had been unpopular with Lycos shareholders.

Most Down at Open -- NYSE

Honeywell (HON) - Get Honeywell International Inc. (HON) Report, down 3 7/16 to 100 9/16

.

Most Down at Open -- Nasdaq

Media Metrix (MMXI) , down 2 15/16 to 42 5/8

.

--

John J. Edwards III